Abrigo

JANUARY 4, 2023

Guidance for banks on the lookout for crypto scams and fraud The turbulent cryptocurrency scene should put bankers on high alert. You might also like this whitepaper, "Understanding cryptocurrency." Takeaway 1 Cryptocurrencies are the newest and most popular field in potential financial gains through fraud.

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PYMNTS

AUGUST 19, 2019

Aided by technology – and emboldened by the rise of cryptocurrencies – fraudsters are stepping up ransomware campaigns. In comments reported earlier this week, cyber insurance security responder Tom Bennett of CFC Underwriting told The Financial Times that that claims surged in June and July. Corporate Wire Fraud.

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PYMNTS

SEPTEMBER 24, 2018

Perhaps more troubling, however, is digital fraud’s projected future. Recently published research noted global fraud losses could top $6 billion by 2021, more than doubling the $3 billion lost worldwide in 2015. As such, businesses are now investing in their security and fraud prevention technology and solutions.

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PYMNTS

DECEMBER 20, 2019

In Q3 2019 alone they made off with cryptocurrency valued at almost $4.5 More than one-third of Americans surveyed report being victims of cybercrime in 2019, and 41 percent of those incidents involved the theft of credit or debit card information. Fraud prevention tech has to scale. Clean’ and ‘Friendly’ Fraud are Neither.

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PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy.

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PYMNTS

DECEMBER 4, 2020

Mastercard Intros Mobilized Virtual Cards; Defines Intersection Between Functionality And Security. The virtual card offers a strong value proposition for corporates in the form of enhanced security and control over spend. But without support for mobile wallets, v-card adoption can lag. Why the disconnect?

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PYMNTS

JULY 15, 2019

The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. The anonymous nature of cryptocurrency, coupled with its irreversible transactions, is especially attractive to scammers and fraudsters.

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CFPB Monitor

JULY 19, 2022

On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.” Malini Mithal testified that the FTC received over 200,000 reports of military fraud in 2021, totaling over $267 million in losses.

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PYMNTS

OCTOBER 7, 2020

With transactions that become irreversible almost instantaneously, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains. So, use your credit card to buy cryptocurrency that you give a scammer and you might be stuck.

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PYMNTS

NOVEMBER 9, 2018

Silver Miller — America’s leading cryptocurrency investor law firm — announced it has filed lawsuits against AT&T and T-Mobile on behalf of crypto asset holders who were allegedly victims of “SIM swapping.”

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Abrigo

MARCH 7, 2022

The world of FinCrime is more dynamic than ever, with fraud escalating thanks to an increase in mobile payments precipitated by the pandemic and security concerns rising over the Russian conflict in Ukraine. Cryptocurrency In general, traditional financial institutions have a low risk tolerance for banking cryptocurrency.

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PYMNTS

JULY 27, 2017

Security in the digital age is a goal for most retailers and consumers — and nearly everyone else in the business world. When it comes to personal information, especially data linked to payment accounts, the level of privacy and accuracy of security are key in keeping the retail world spinning. In other U.S. In other U.S.

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PYMNTS

SEPTEMBER 18, 2020

With a focus on optimizing cash flow for merchant customers, EVO Payments has announced a new feature that enables businesses to access funds from card transactions in real time. The company is using Visa 's Visa Direct solution, which wields Visa's card rails to push funds to debit cards. BitPay Secures Wyre Integration.

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PYMNTS

MARCH 30, 2020

Debit cardholders often choose this payment method because it is more secure than carrying cash — which cannot be recovered if lost — and may safeguard them against spending more than they have, which is not the case with credit cards. Rising generations show a keen interest in debit cards, according to a new report.

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PYMNTS

SEPTEMBER 23, 2020

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. There were 223,163 cases of identity theft that year across all generations, with 42 percent of them consisting of bank and credit card fraud.

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PYMNTS

APRIL 15, 2019

Security solved. As it turns out, security researchers at Kaspersky Lab have found a darknet marketplace in which hackers are selling digital fingerprints. The site first emerged in fall of last year, when the creators started advertising it on forums where hackers sell stolen payment card details.

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PYMNTS

AUGUST 12, 2019

A new report has estimated that losses related to cryptocurrency thefts, scams and fraud could reach $4.3 Cryptocurrency security firm CipherTrace revealed that crypto criminals have already stolen more than $1.2 Ultimately, thieves and scam artists will need to launder the cryptocurrency stolen or scammed in Q1 2019.

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PYMNTS

JUNE 17, 2020

Robert Farkas, the 33-year-old co-founder of crypto project Centra Tech , has pleaded guilty in court to conspiring to commit securities and wire fraud, Coindesk reported. The goal of using blockchain is to hopefully cultivate a reliable source of information, documenting every data point necessary to keep track of the supply chain.

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PYMNTS

APRIL 3, 2018

Securities and Exchange Commission (SEC) has charged two founders of a cryptocurrency company for an allegedly fraudulent initial coin offering (ICO) that raised more than $32 million. The agency stated it would “focus on these types of promotions to protect investors and to ensure compliance with the securities laws.”

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PYMNTS

NOVEMBER 11, 2019

Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. How Zillow Co mbats Real Estate Fraud. Around The AML/KYC World. The pair are located in different regulatory jurisdictions and thus present different compliance needs.

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PYMNTS

OCTOBER 4, 2019

Once upon a time in the 1960s, banks were building a series of one-off card-based solutions , much the way today in the ending days of the 2010s we see global digital banking, mobile wallets and alternative underwriting schemes building one-off tech-based solutions for financial services products. Losses related to fraud are valued at $14.7

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PYMNTS

FEBRUARY 26, 2020

He took advantage of that access to steal currency stored value (CSV) such as digital gift cards that he then resold on the internet. . He was accused of stealing digital currency such as gift cards that could be redeemed for Microsoft products, then reselling them on the Internet. dripping fraud and deceit every step of the way….

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PYMNTS

OCTOBER 5, 2020

Securities and Exchange Commission (SEC) charged John McAfee for allegedly touting investments in initial coin offerings (ICOs) to Twitter followers without saying that he received payment for doing so, according to a press release. The computer coder and businessperson’s bodyguard, Jimmy Watson Jr.,

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PYMNTS

MAY 16, 2018

That opacity is heightened by open banking and cryptocurrencies. The report recommends a collaborative approach among information security and compliance team members. Also noted by the site, Ernst & Young’s Global Fraud Survey has set its sights on compliance efforts.

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PYMNTS

JUNE 22, 2018

million to the Korea Internet & Security Agency (KISA), the South Korean crypto exchange said the final figure might be lower as it works with crypto exchanges and others. The card can work offline and doesn’t need a centralized computer to function. Though the Bithumb said it reported losses of about $31.5

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PYMNTS

FEBRUARY 28, 2020

To get a sense of the new frontiers in cybercrime, and how cryptocurrency helps fraudsters cover their tracks or finance their schemes … look, perhaps, to Latin America. Separately, in terms of fraud against companies, banking trojans, malware and ransomware have been coming from the Latin American region, the paper said.

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PYMNTS

JUNE 5, 2019

According to a report from Quartz , “over the past seven years, a New York City-based fraud ring allegedly stole more than $19 million worth of iPhones by posing as cell phone subscribers to get new devices at little or no cost. Counterfeit Debit Cards. Another relatively fresh digital scam involves cryptocurrencies and diamonds.

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PYMNTS

AUGUST 23, 2019

One common criticism of bitcoin and other cryptocurrencies is that — beyond the wild price swings and uncertain regulatory climate — the digital coins are not widely accepted by merchants on any grand scale. In simple terms, SPEDN processes transactions made with cryptocurrencies such as bitcoin, Ethereum and Litecoin, among others.

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PYMNTS

OCTOBER 26, 2020

million in discounted bitcoin in exchange for gift cards — an amount that a report from Arcane Research says is half Paxful's trade volume, Cointelgraph reports. Trade of bitcoin for gift cards, the report says, comes out to 48 percent of Paxful's revenue. On P2P marketplace Paxful , traders are selling up to $16.2

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PYMNTS

APRIL 5, 2019

Dozens of cybercriminal groups have found a home on Facebook , using the platform’s online marketplace to sell illegal services such as stolen credit card information, as well as account theft and spamming tools, according to Cisco Systems’ Talos security unit.

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PYMNTS

FEBRUARY 27, 2019

27) that it is launching “My Chase Plan,” a tool that allows card customers to finance purchases of more than $500. JPMorgan also plans to roll out “My Chase Loans,” which will enable customers to borrow money against unused credit card balances.

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PYMNTS

NOVEMBER 12, 2019

Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”. Facebook Pay supports most major credit and debit cards as well as PayPal ,” Facebook said. With Facebook Pay, we’re continuing to invest in security,” Facebook said. “We

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South State Correspondent

FEBRUARY 14, 2022

Businesses and households that need an inventory, valuation, repair, or risk tracking (fraud, theft, etc.) As we discussed in our primer on defi and blockchain ( HERE ), part of the allure of cryptocurrency is that it transfers the payment’s message (information about the transaction) and value simultaneously.

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blockchain cryptocurrency Data Payments 195

PYMNTS

FEBRUARY 14, 2019

Might this be the validation that at least some cryptocurrency enthusiasts and advocates have been awaiting? 14), CNBC reported that JPMorgan Chase will be rolling out the first cryptocurrency on offer from a major bank based in the United States. CEO Jamie Dimon has also famously dismissed bitcoin as a fraud.

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PYMNTS

SEPTEMBER 30, 2019

A joint study by the Better Business Bureau, the Financial Industry Regulatory Authority and the Stanford Center on Longevity interviewed 1,408 victims of fraud in 2018. The FBI’s annual Internet Crime Report released in April indicated that fraudsters got victims to wire money and send gift cards.

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PYMNTS

JUNE 1, 2020

In a roundtable discussion, the last in the “Powering the Digital Shift” series with Karen Webster, six experts in money movement, fraud prevention, banking and financial technology discussed one sure bet: “Digital optional” is no option as we move toward contactless commerce. Looking At Digital IDs — And Friction.

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PYMNTS

DECEMBER 15, 2017

A Long Island woman has been indicted on money laundering charges after she allegedly funneled $85,000 through bitcoin and other cryptocurrencies to ISIS. Attorney’s Office in federal court on a number of charges, including bank fraud and three counts of money laundering. . Fox News reported that Zoobia Shahnaz was charged by the U.S.

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